Why a Social Media Charter is Necessary

Commenting on the 25th anniversary of the World Wide Web, and its inventor Sir Tim Berner-Lee’s call for the creation of a “Magna Carta”, Kitty Parry, founder of the Social Media Charter, explains why she developed it.

When the Federal Financial Institutions Examination Council (FFIEC), the American Interagency body, came out with its Social Media Guidelines earlier this year, it identified the need for FS firms to collaborate with marketing specialists in the development of compliant social media strategies.

The financial services sector in the UK is still waiting for guidance over this vision, for a regulated social media. In anticipation of the future, Templars has taken an active stance in securing a safe and productive environment for its clients in social media through its Social Media Charter (SM Charter).

Over the last 25 years, the World Wide Web has grown at an exponential rate which enables a very efficient way for customers and clients to engage with the people that provide them with some of the most important financial products in their day to day lives. Ensuring the financial services industry keeps up with this ability is paramount to enable London to continue to be at the forefront of the financial services.

This is evidenced by the number of the financial services firms backing the Social Media Charter, and the receptiveness of the FCA in listening to the feedback from the industry. This will enable us to develop clarity around the current regulation and therefore best practices in how to interact and engage with customers and clients online. The power and potential for this activity, if done successfully, is enormous. This can be seen by the impact that the shift close groups, such as Mallow Street, has had on the thought leadership within the pension industry.”

The FCA spoke at Templars’ recent event and heard firms' thoughts on social media. It is aware we have been working with financial firms with the goal of producing the SM Charter. The SM Charter will help provide the necessary communications channels for customers to be able to effect change within the banks and financial services companies they use daily for products and services.

By being in the founding group behind the SM Charter, BNP Paribas, Citi and Barings have gained an opportunity to be represented by Templars in the continuous and open dialogue on the most pressing social media regulatory issues. The SM Charter enables Templars to gain insight into best practice to secure compliant and efficient engagement for the firms across all social media platforms.

Not only does the SM Charter accommodate compliance concerns (by offering social media guidelines, checklists and staff training), but it also provides businesses with bespoke marketing and PR tactics for optimising social media use. This allows individuals within companies a greater flexibility of interaction with social media without fear of compliance issues.